IBJNews

Durham's Geist mansion goes back to the bank at auction

Back to TopCommentsE-mailPrintBookmark and Share

Lender JPMorgan Chase & Co. took possession of convicted Ponzi schemer Tim Durham’s Geist mansion Thursday after the property failed to draw an offer higher than the bank’s base bid of $2.24 million.

JPMorgan Chase, which holds a $4.5 million judgment on the home, made the bid prior to a sheriff’s sale that took place Thursday afternoon in Hamilton County. To acquire the property, a bidder would have been required to top the bank’s bid by at least $1 and pay in cash.

The Hamilton County Sheriff’s Office received several inquiries about the property prior to the auction, but nobody decided to bid after finding out how much it would take to win possession.

Durham is serving a 50-year federal prison sentence after being found guilty in 2012 of masterminding a $200 million Ponzi scheme. He is appealing that conviction.

The sheriff’s sale was the culmination of a foreclosure lawsuit that JPMorgan Chase filed against the disgraced businessman in 2010, months after Akron, Ohio-based Fair Finance Co. and the rest of Durham’s business empire collapsed.

The 10,700-square-foot home has seven bedrooms, eight full bathrooms, a 30-car garage, and multilevel decks overlooking a “resort-style pool” and Geist Reservoir. The 5-acre property had been listed at $5.5 million but was tough sell in today’s economy.

ADVERTISEMENT

  • High Bid
    Does the high bid include a master bedroom that comes complete with Carl Brizzi? Is he still living in that mansion? He used to live there.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
thisissue1-092914.jpg 092914

Subscribe to IBJ
ADVERTISEMENT